Investing.com -- President Trump and Chinese leader Xi Jinping are not scheduled to converse today, according a report from the Wall Street Journal, citing a U.S. official. This statement contradicts earlier comments from trade adviser Peter Navarro, who suggested the two leaders would engage in a discussion.
Trump and Xi have had conversations in the past, and any call at this point would likely focus on the new tariffs imposed by the U.S. on China.
Major averages rose Tuesday morning following Navarro’s comments. This came after Trump’s discussions with the leaders of Canada and Mexico led to a delay in tariffs and agreements to work towards resolutions. Over the past weekend, Trump had placed a 25% tariff on goods from Mexico and Canada. However, on Monday, he agreed to a 30-day pause on these levies in exchange for border and crime concessions from both countries. This last-minute alteration allowed the three major U.S. stock indexes to recover some of the significant losses experienced earlier on Monday, ending the trading day far from the session’s lowest points.
Shortly after the U.S. President’s 10% tariff on Chinese goods came into effect at 12:01 a.m. ET, China’s finance ministry declared levies on some U.S. imports, effective Feb. 10.
Beijing’s restrained response to Trump’s new tariffs highlights its efforts to engage the U.S. president in discussions and prevent a full-blown trade war between the world’s two largest economies.
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